MINO

Municipal Income Opportunities Active Exchange-Traded Fund

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Municipal
Sector
3.88%
distribution yield
As of 05/31/2024
3.81%
30-day sec yield
As of 06/14/2024
1.90%
nav ytd return
As of 06/14/2024
1.90%
MARKET PRICE YTD RETURN
As of 06/17/2024

The Fund seeks current income exempt from federal income tax and long-term capital appreciation.

why invest in this fund

ETF solution for investors seeking tax-advantaged income

As an actively managed ETF, MINO seeks to generate higher tax-advantaged income and return potential than a broad municipal market index by actively managing credit, liquidity and interest rate risk.

tab 1 graph

Portfolio Information

244
Number of Holdings
As of 06/14/2024
8.53 Years
Effective Maturity
As of 06/14/2024
6.42 Years
Effective Duration
As of 06/14/2024
4.54%
est. yield to maturity
As of 06/14/2024

Fund Facts

NAV PRICE
$45.57
1 DAY RETURN
$0.07 0.15%
As of 06/14/2024
MARKET PRICE
$45.54
1 DAY RETURN
$-0.06 -0.13%
As of 06/14/2024
PREMIUM / DISCOUNT
-0.07%
As of 06/14/2024
MEDIAN BID/ASK SPREAD
0.20%
As of 06/14/2024

Price

Fund Information

As of 06/14/2024
Data point name Data point value
TYPE Active
DURATION CATEGORY Intermediate
CUSIP 72201R635
Inception Date 09/08/2021
Shares Outstanding 3,460,000
Total Net Assets $157,657,427.03
Daily Trading Volume (dollar notional) $875,779.74
Annualized Volatility 0.00%

INDEX INFORMATION

Bloomberg Municipal Bond Index

Bloomberg Municipal Bond Index consists of a broad selection of investment-grade general obligation and revenue bonds of maturities ranging from one year to 30 years. It is an unmanaged index representative of the tax-exempt bond market. The index is made up of all investment grade municipal bonds issued after 12/31/90 having a remaining maturity of at least one year. It is not possible to invest directly in an unmanaged index.

INDEX INFORMATION
Data point name Data point value
Index Ticker LMBITR
Inception Date 01/31/1980
Rebalancing Frequency Monthly
Annualized Volatility
As of 05/31/2024
5.00%

Quarterly Trading Volume Characteristics

As of 03/31/2024

Average Volume

in shares 34,739
in $ $1,578,887.51

Top Ten Exposure

As of 06/14/2024

Top Ten Exposure table

Description % of Assets Security Type Coupon Maturity
US DOLLAR 6.44 CURRENCY - FORWARD 0.00 -
ILLINOIS ST ILS 05/45 FIXED 5.25 2.09 MUNICIPAL BONDS 5.25 05/01/2045
HARRIS CNTY TX CULTURAL EDU FA HAREDU 10/41 ADJUSTABLE VAR 1.59 MUNICIPAL BONDS 4.20 10/01/2041
HAMILTON CNTY OH HOSP FACS REV HAMMED 08/51 ADJUSTABLE VAR 1.27 MUNICIPAL BONDS 4.35 08/15/2051
INDIANA FIN AUTH MIDWESTERN DI INDGEN 11/30 FIXED 4.25 1.12 MUNICIPAL BONDS 4.25 11/01/2030
PORT AUTH OF NEW YORK NEW JE PORTRN 11/41 FIXED 4 1.10 MUNICIPAL BONDS 4.00 11/01/2041
LOWER COLORADO RIVER TX AUTH T LWCGEN 05/51 FIXED 5 1.01 MUNICIPAL BONDS 5.00 05/15/2051
COLORADO ST HLTH FACS AUTH REV COSMED 05/62 ADJUSTABLE VAR 0.98 MUNICIPAL BONDS 5.00 05/15/2062
BLACK BELT ENERGY GAS DIST AL BBEUTL 06/49 ADJUSTABLE VAR 0.95 MUNICIPAL BONDS 5.50 06/01/2049
NEW YORK CITY NY MUNI WTR FIN NYCUTL 06/50 ADJUSTABLE VAR 0.95 MUNICIPAL BONDS 4.30 06/15/2050

Fund Managers

fund manager David Hammer
David Hammer
Portfolio Manager
fund manager Kyle Christine
Kyle Christine
Portfolio Manager, Municipal Bonds
Effective as of 10/30/2023

Fees and Expenses

Name Value
Gross Expense Ratio 0.49%

Fees and Expenses

Name Value
Net Expense Ratio 0.39%

The Net Expense Ratio reflects a contractual fee waiver and/or expense reduction, which is in place through 31 October 2024 and renews automatically for a full year unless terminated by PIMCO in accordance with the terms of the agreement.

Yields

3.88%
distribution yield
As of 05/31/2024
3.81%
30-DAY SEC YIELD
As of 06/14/2024
3.92%
30-DAY SEC SUBSIDIZED YIELD
As of 06/14/2024
4.54%
est. yield to maturity
As of 06/14/2024

Dividends & Capital Gains Distribution

As of 06/14/2024
Distribution Date Dist. Nav Long Term Cap. Gain Short Term Cap. Gain Dividend Income Special Dist. Dist. Total
06/03/2024 44.91 - - 0.157000 - 0.157000
05/01/2024 44.89 - - 0.155000 - 0.155000
04/01/2024 45.42 - - 0.142000 - 0.142000
03/01/2024 45.49 - - 0.156000 - 0.156000
02/01/2024 45.67 - - 0.142000 - 0.142000
12/28/2023 45.46 - - 0.148000 - 0.148000
12/11/2023 44.75 0.000000 0.000000 - - 0.000000
12/01/2023 44.56 - - 0.142000 - 0.142000
11/01/2023 42.02 - - 0.136000 - 0.136000
10/02/2023 42.57 - - 0.150000 - 0.150000
09/01/2023 43.95 - - 0.148000 - 0.148000
08/01/2023 44.37 - - 0.134000 - 0.134000
07/03/2023 44.45 - - 0.154000 - 0.154000
06/01/2023 44.20 - - 0.140000 - 0.140000
05/01/2023 44.36 - - 0.132000 - 0.132000
04/03/2023 44.33 - - 0.156000 - 0.156000
03/01/2023 43.70 - - 0.135500 - 0.135500
02/01/2023 44.85 - - 0.140000 - 0.140000
12/29/2022 43.54 - - 0.149000 - 0.149000
12/01/2022 43.94 - - 0.136000 - 0.136000
11/01/2022 41.80 - - 0.130000 - 0.130000
10/03/2022 42.49 - - 0.120000 - 0.120000
09/01/2022 43.94 - - 0.115000 - 0.115000
08/01/2022 45.32 - - 0.105000 - 0.105000
07/01/2022 44.21 - - 0.113000 - 0.113000
06/01/2022 45.29 - - 0.095000 - 0.095000
05/02/2022 44.71 - - 0.108000 - 0.108000
04/01/2022 46.34 - - 0.072000 - 0.072000
03/01/2022 48.04 - - 0.058000 - 0.058000
02/01/2022 48.48 - - 0.050000 - 0.050000
12/30/2021 49.98 - - 0.052000 - 0.052000
12/10/2021 49.96 0.000000 0.000000 - - 0.000000
12/01/2021 49.90 - - 0.053000 - 0.053000
11/01/2021 49.40 - - 0.040000 - 0.040000
As of 05/31/2024
ANNUALIZED MONTH END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 5.75 - - - -0.85
Market Price Returns 5.91 - - - -0.78
Bloomberg Municipal Bond Index 2.67 - - - -1.67
Performance Difference (Fund NAV vs. Index) 3.08 - - - 0.82
Performance Difference (Fund Market Price vs. Index) 3.24 - - - 0.89
Standard Deviation - - - - 8.05
After Tax Pre-Liquidation 5.53 - - - -0.99
After Tax Post-Liquidation 4.83 - - - -0.10
As of 03/31/2024
ANNUALIZED QUARTER END RETURNS
Returns 1YR 3YR 5YR 10YR Inception
NAV Total Returns (After Fees) 6.76 - - - -0.62
Market Price Returns 6.78 - - - -0.58
Bloomberg Municipal Bond Index 3.13 - - - -1.19
Performance Difference (Fund NAV vs. Index) 3.63 - - - 0.57
Performance Difference (Fund Market Price vs. Index) 3.65 - - - 0.61
Standard Deviation - - - - 8.29
After Tax Pre-Liquidation 6.56 - - - -0.75
After Tax Post-Liquidation 5.43 - - - 0.06
As of 05/31/2024
CUMULATIVE MONTH END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 0.16 0.19 -0.48 2.82
Market Price Returns 0.45 0.23 -0.37 3.14
Bloomberg Municipal Bond Index -1.91 -0.29 -1.53 0.37
Performance Difference (Fund NAV vs. Index) 2.07 0.48 1.05 2.45
Performance Difference (Fund Market Price vs. Index) 2.36 0.52 1.16 2.77
Standard Deviation - - - -
After Tax Pre-Liquidation 0.07 0.17 -0.55 2.70
After Tax Post-Liquidation 0.54 0.23 0.06 2.36
As of 03/31/2024
CUMULATIVE QUARTER END RETURNS
Returns YTD 1MO 3MO 6MO
NAV Total Returns (After Fees) 0.90 0.25 0.90 8.56
Market Price Returns 1.12 0.30 1.12 8.43
Bloomberg Municipal Bond Index -0.39 0.00 -0.39 7.48
Performance Difference (Fund NAV vs. Index) 1.29 0.25 1.29 1.08
Performance Difference (Fund Market Price vs. Index) 1.51 0.30 1.51 0.95
Standard Deviation - - - -
After Tax Pre-Liquidation 0.85 0.23 0.85 8.45
After Tax Post-Liquidation 0.76 0.27 0.76 5.80

Morningstar Rating

Morningstar Rating
Fund Name Morningstar Category Overall 3 Yr 5 Yr 10 Yr
Municipal Income Opportunities Active Exchange-Traded Fund Muni National Interm - - - -

Premium / Discount

Premium / Discount

Premium / Discount Calendar Year 2023 First Quarter 2024
Days Traded At Premium 119 48
Days Traded At NAV 19 3
Days Traded At Discount 112 10
As of 05/31/2024
Portfolio Composition - Sector Allocation: Market Value
sector FUND Fund ratio
State/Local GO 11.32
Pre-Refunded 0.32
Education Rev. 1.93
Hospital Rev. 17.27
Housing Rev. 5.83
Ind Dev/Pollution Ctrl 14.41
Lease Rev. 2.65
Power Rev. 4.00
Resource Recovery 0.49
Special Tax 14.16
Transportation 12.21
Water & Sewer 5.62
Tobacco 1.06
Net Other Short Duration Instruments Muni 0.00
Other Muni 1.97
US Government Related -9.83
Mortgage 0.00
Invest. Grade Credit 0.00
High Yield Credit 0.26
Non-USD Developed 0.00
Emerging Markets 0.00
Other 0.00
Net Other Short Duration Instruments ex-Muni 16.33
Portfolio Composition - Sector Allocation: Duration
Sector Fund Fund ratio
State/Local GO 14.79
Pre-Refunded 0.03
Education Rev. 2.77
Hospital Rev. 17.84
Housing Rev. 8.27
Ind Dev/Pollution Ctrl 12.57
Lease Rev. 3.38
Power Rev. 5.00
Resource Recovery 0.27
Special Tax 17.68
Transportation 16.34
Water & Sewer 6.33
Tobacco 0.46
Net Other Short Duration Instruments Muni 0.00
Other Muni 2.57
US Government Related -8.57
Mortgage 0.00
Invest. Grade Credit 0.00
High Yield Credit 0.25
Non-USD Developed 0.00
Emerging Markets 0.00
Other 0.00
Net Other Short Duration Instruments ex-Muni 0.01
As of 05/31/2024
Portfolio Composition - Maturity Distribution
Years % of Fund
0-1 24.28
1-3 2.90
3-5 7.11
5-10 26.35
10-20 25.38
20+ 13.99
Effective Maturity (yrs) 9.35
As of 06/14/2024
Portfolio Composition - Credit Rating: S&P
Rating Fund% Fund percent
AAA 6.59
AA+ 11.73
AA 12.85
AA- 9.77
A+ 4.75
A 4.13
A- 7.45
BBB+ 2.46
BBB 2.66
BBB- 1.95
BB+ 0.52
BB 0.41
B- 0.23
CC 0.19
Not Rated Others 34.01
As of 06/14/2024
Portfolio Composition - Credit Rating: Moody
Rating Fund% Fund percent
Aaa 5.64
Aa1 11.68
Aa2 9.07
Aa3 7.21
A1 10.16
A2 5.36
A3 4.20
Baa1 1.62
Baa2 2.12
Baa3 2.88
Ba2 0.25
B3 0.23
Not Rated Others 39.28
As of 06/14/2024
Portfolio Composition - Credit Rating: Fitch
Rating Fund% Fund percent
AAA 5.09
AA+ 8.11
AA 8.32
AA- 10.03
A+ 4.98
A 2.85
A- 4.88
BBB+ 0.99
BBB 0.40
BBB- 3.13
BB+ 0.66
BB- 0.25
Not Rated Others 50.01

interest rate exposures

As of 05/31/2024
exposure FUND
Effective Duration 6.61
Bull Market Duration 6.34
Bear Market Duration 6.80
Total Curve Duration -0.80

sector exposures

As of 05/31/2024
exposure FUND
Mortgage Spread Duration 0.00
Corporate Spread Duration 0.10
Emerging Markets Spread Duration 0.00
Fund Literature
Report Types
DISCLOSURES
Investors should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. This and other information are contained in the fund’s prospectus, which may be obtained by contacting your PIMCO representative. Please read the prospectus carefully before you invest.

Net Asset Value (NAV) represents an ETF’s per-share value. The per-share value of an ETF is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of ETF shares outstanding. ETF shares are valued as of the close of regular trading on the New York Stock Exchange (normally 4:00 P.M. Eastern Time) (The “NYSE Close”) on each business day.


The Fund’s Net Asset Value, shares outstanding and total net assets are calculated as of the close of regular trading on each day that the New York Stock Exchange is open, and do not reflect security transactions or Fund shares created or redeemed on the date stated. Such transactions are recorded on the next business day and reported on the website the following business day.

Returns are average annualized total returns, except for those periods of less than one year, which are cumulative. Market returns are based upon the midpoint of the bid/ask spread at 4:00 pm Eastern time (when NAV is normally determined for most Funds), and do not represent the returns you would receive if you traded shares at other times. The after-tax return calculation assumes a 35% tax rate.
ETF shares may be bought or sold throughout the day at their market price on the exchange on which they are listed. However, there can be no guarantee that an active trading market for PIMCO ETF shares will develop or be maintained, or that their listing will continue or remain unchanged.

A word about risk: Investing in the bond market is subject to certain risks including the risk that fixed income securities will decline in value because of changes in interest rates; the risk that fund shares could trade at prices other than the net asset value; and the risk that the manager's investment decisions might not produce the desired results. Income from municipal bonds is exempt from federal income tax and may be subject to state and local taxes and at times the alternative minimum tax; a strategy concentrating in a single or limited number of states is subject to greater risk of adverse economic conditions and regulatory changes. High yield, lower-rated securities involve greater risk than higher-rated securities; portfolios that invest in them may be subject to greater levels of credit and liquidity risk than portfolios that do not. Derivatives may involve certain costs and risks, such as liquidity, interest rate, market, credit, management and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. Management risk is the risk that the investment techniques and risk analyses applied by an investment manager will not produce the desired results, and that certain policies or developments may affect the investment techniques available to the manager in connection with managing the strategy.

PIMCO Smart beta ETFs and index ETFs use an indexing approach and may be affected by a general decline in market segments or asset classes relating to its Underlying Index. The Fund invests in securities and instruments included in, or representative of, its Underlying Index regardless of the investment merits of the Underlying Index.
ETFs are subject to secondary market trading risks. Shares of an ETF will be listed for trading on an exchange, however, there can be no guarantee that an active trading market for such shares will develop or continue. There can be no guarantee that an ETF's exchange listing or ability to trade its shares will continue or remain unchanged. Shares of an ETF may trade on an exchange at prices at, above or below their most recent NAV. The per share NAV of an ETF is calculated at the end of each business day, and fluctuates with changes in the market value of the Fund’s holdings. The trading prices of an ETF's shares fluctuate continuously throughout the trading day based on market supply and demand, which may not correlate to NAV. The trading prices of an ETF's shares may differ significantly from NAV during periods of market volatility, which may, among other factors, lead to the Fund’s shares trading at a premium or discount to NAV.
Exchange Traded Funds (“ETF”) are afforded certain exemptions from the Investment Company Act. The exemptions allow, among other things, for individual shares to trade on the secondary market. Individual shares cannot be directly purchased from or redeemed by the ETF. Purchases and redemptions directly with ETFs are only accomplished through creation unit aggregations or “baskets” of shares. Shares of an ETF, traded on the secondary market, are bought and sold at market price (not NAV). Brokerage commissions will reduce returns. Investment policies, management fees and other information can be found in the individual ETF’s prospectus.
Buying or selling ETF shares on an exchange may require the payment of fees, such as brokerage commissions, and other fees to financial intermediaries. In addition, an investor may incur costs attributed to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). Due to the costs inherent in buying or selling Fund shares, frequent trading may detract significantly from investment returns. Investment in Fund shares may not be advisable for investors who expect to engage in frequent trading.
Current holdings are subject to risk. Holdings are subject to change at any time. An investment in an ETF involves risk, including the loss of principal. Investment return, price, yield and Net Asset Value (NAV) will fluctuate with changes in market conditions. Investments may be worth more or less than the original cost when redeemed.
Premiums or discounts are the differences (expressed as a percentage) between the NAV and the Market Price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. A discount or premium could be significant. The daily premium/discount is the difference between the daily market price for shares of the Fund and the Fund's net asset value. For purposes of the premium/discount information, market price is determined using NYSE Arca’s or New York Stock Exchange’s, as applicable, Official Closing Price or if it more accurately reflects market price at the time as of which NAV is calculated, the midpoint between the national best bid and national best offer as of that time. Market price for purposes of other information is calculated as follows: (i) for time periods preceding December 17, 2020, the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated and (ii) for the time periods starting December 17, 2020, the NYSE Arca’s or New York Stock Exchange’s, as applicable, Official Closing Price or, if it more accurately reflects market price at the time as of which NAV is calculated, the midpoint between the national best bid and national best offer as of that time.
In order to provide additional information regarding the intra-day value of shares of the Fund, the NYSE Arca, Inc., New York Stock Exchange or a market data vendor disseminates every 15 seconds through the facilities of the Consolidated Tape Association or other widely disseminated means an updated Indicative NAV (“iNAV”) for the Fund as calculated by an information provider or market data vendor. The Fund is not involved in or responsible for any aspect of the calculation or dissemination of the iNAV and makes no representation or warranty as to the accuracy of the iNAV.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2024, PIMCO

PIMCO Investments LLC , distributor, 1633 Broadway, New York, NY, 10019 is a company of PIMCO. ©2024, PIMCO.

CMR2021-1020-1884811